Eugene Group has emerged as the winner of a bid to buy a major stake in the YTN news channel. 

According to financial sources Monday, the conglomerate won the bid to acquire a combined stake of 30-point-95 percent in YTN currently being held by Korea Electric Power Corporation(KEPCO) KDN and the Korea Racing Authority(KRA) for roughly 320 billion won.

As a result, Eugene Group is set to become YTN’s largest shareholder followed by the Korea Ginseng Corporation, Mirae Asset Life Insurance Company and Woori Bank. 

Eugene Group is a major company that has some 50 subsidiaries in the business of construction materials, distribution, finance, logistics, IT, leisure and entertainment. 

The group will sign a contract with KEPCO KDN and KRA while the Korea Communications Commission will begin deliberations on whether to approve the change in YTN’s largest investor. 

The deliberation process is set to take around two to three months.